Out of blue, my friend confidence in me that he brought a house, five years ago "buy to let" rent house to his son, paying €600 a month, my friend paying mortgage cost €1,000 avenge a month for 10 years. Five years ago friend brought house for €130,000, mortgage 100,000, telling me that in five years time when mortgage is paid off, his house today is worth he guesses about €230,000 give his son the owner of the house as inheritance.
l cannot get my head around it.
The question.... does friend have to pay Capital Tax before giving the house to him. €100,000 profit ? inheritance threhold to his son is €320,000.
No mention about Tax relief if he is entitle to it ?
l cannot get my head around it.
The question.... does friend have to pay Capital Tax before giving the house to him. €100,000 profit ? inheritance threhold to his son is €320,000.
No mention about Tax relief if he is entitle to it ?